Tax Software Market Scope
Tax Software is the type of computer software which used to do financial activities related to tax. Additionally, Tax software can help to understand the process of filing tax through tax forms and also automatically calculates a corporation's or person’s tax compulsions. Tax software is used by individuals or enterprises for filing income, income tax, VAT, customs, sales tax, service tax, and similar tax. The software can also generate tax-related forms and filings. The software will have pre-defined tax rates and slabs and will automatically allocate income or revenue to the appropriate slab. The software's goal is to make it simple for the user to calculate tax payments while minimising human error.
According to AMA, the Global Tax Software market is expected to see growth rate of 10.2%The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Tax Software market throughout the predicted period.
Avalara (United States), Vertex, Inc. (United States), SOVOS (United States), H&R Block (United States), EGov Systems (United States), Intuit Inc. (United States), Xero (New Zealand), Thomson Reuters (United States), Wolters Kluwer (Netherlands), Drake Software (United States) and Tax Systems (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are BLUCORA (United States), LumaTax (United States), LegalRaasta (India) and Service Objects (United States).
Segmentation Overview
The study have segmented the market of Global Tax Software market , by Application (Individuals and Commercial Enterprises) and Region with country level break-up.
On the basis of geography, the market of Tax Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Rising Investment in Digital Solutions and Increasing Demand of Automated Business Applications
Market Growth Drivers:
Fueling Demand of Advance Features Providing Electronic Accounting Solutions and Up Surging Demand of Tax Software
Restraints:
Rising Security Issues
Opportunities:
Mounting Advanced Technological Features in Emerging Economics
Market Leaders and their Expansionary Development Strategies
On 31st July 2018, Xero has acquired Hubdoc, a leading data capture solution that helps accountants, bookkeepers, and small businesses streamline administrative tasks such as financial document collection and data entry.
Avalara, Inc. a leading provider of cloud-based tax compliance automation for businesses of all sizes, announced the release of 20 newly certified integrations with accounting, ERP, ecommerce, point-of-sale, mobile commerce, and CRM software applications.
Key Target Audience
Tax Software Manufactures, Tax Software Distributors, Financial Industry, Industry Association, Potential Investors, Private Research Institutes, Government Research Institutes and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.